Endogenous Credit and Endogenous Business Cycles

Jarsulic, Marc

doi:10.1080/01603477.1989.11489779

Cited by 28 publications

(13 citation statements)

References 3 publications

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“…At the same time, financial innovations may offset this tendency by making the supply of finance more elastic. 18 This consideration is likely more important in the long run than in the short run. Monetary authority's responses add more complications to these developments.…”

Section: Banksmentioning

confidence: 99%

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The Financial Instability Hypothesis

Minsky¹

1999

SSRN Journal

375

336

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Section: Banksmentioning

confidence: 99%

“…Taylor and O'Connell (1985), Foley (1986), Semmler (1987), Jarsulic (1989), Delli Gatti and Gallegati (1990), Skott (1994), Dutt (1995), Keen (1995) .…”

Section: Introductionmentioning

confidence: 99%

The Financial Instability Hypothesis

Minsky¹

1999

SSRN Journal

375

336

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“…Taylor and O'Connell (1985), Foley (1986), Semmler (1987), Jarsulic (1989), Delli Gatti and Gallegati (1990), Skott (1994), Dutt (1995), Keen (1995) and Flaschel, Franke and Semmler (1998, Ch.12) are early contributions. Recent studies include Setterfield (2004), Nasica and Raybaut (2005), Lima and Meirelles (2007), and Fazzari et al (2008).…”

Section: Introductionmentioning

confidence: 99%

Long waves and short cycles in a model of endogenous financial fragility

Ryoo

2010

Journal of Economic Behavior & Organization

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This paper presents a stock-flow consistent macroeconomic model in which financial fragility in firm and household sectors evolves endogenously through the interaction between real and financial sectors. Changes in firms' and households' financial practices produce long waves. The Hopf bifurcation theorem is applied to clarify the conditions for the existence of limit cycles, and simulations illustrate stable limit cycles. The long waves are characterized by periodic economic crises following long expansions. Short cycles, generated by the interaction between effective demand and labor market dynamics, fluctuate around the long waves.

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“…Skott, ), while in other models, the endogenous change in the interest rate is a key part of the cyclical behavior (e.g. Foley, ; Jarsulic, ).…”

Section: Debt or Interest Dynamicsmentioning

confidence: 99%

Minsky Models: A Structured Survey

Nikolaidi

Stockhammer²

2017

Journal of Economic Surveys

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Minsky's ideas have recently gained prominence in the mainstream as well as in the heterodox literature. However, there exists no agreement upon the formal presentation of Minsky's insights. The aim of this paper is to survey the literature and identify differences and similarities in the ways through which Minskyan ideas have been formalised. We distinguish between the models that focus on the dynamics of debt or interest, with no or a secondary role for asset prices, and the models in which asset prices play a key role in the dynamic behaviour of the economy. Within the first category of models we make a classification between (i) the Kalecki-Minsky models, (ii) the Kaldor-Minsky models, (iii) the Goodwin-Minsky models, (iv) the credit rationing Minsky models, (v) the endogenous target debt ratio models and (vi) the Minsky-Veblen models. Within the second category of models, we distinguish between (i) the equity price Minsky models and (ii) the real estate price Minsky models. Key limitations of the models and directions for future research are outlined. Year: 2017No: GPERC50 GREENWICH POLITICAL ECONOMY RESEARCH CENTRE (GPERC)

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Endogenous Credit and Endogenous Business Cycles

Cited by 28 publications

References 3 publications

The Financial Instability Hypothesis

The Financial Instability Hypothesis

Long waves and short cycles in a model of endogenous financial fragility

Minsky Models: A Structured Survey

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